05-07-2025
- Business
- New Straits Times
Anwar urges BRICS to emulate Asean and boost intra-member trade
RIO DE JANEIRO: Asean's move to trade in local currencies among its member states is part of efforts to strengthen the financial system and be free of unilateral domination.
Prime Minister Datuk Seri Anwar Ibrahim said this is also one of the steps towards reforming Asean, which had previously focused on boosting trade among member states.
"Malaysia, together with Indonesia, Thailand and China, have begun using our own currencies (to trade), even though it makes up only 10 to 20 per cent of total trade.
"This signals change as we cannot continue to complain without carrying out our own plans," he said at the BRICS Economic Forum, held in conjunction with the BRICS Summmit here.
Also present were Brazil president Luiz Inacio Lula da Silva, vice-president of Brazil Geraldo Alckim, and Brazilian National Confederation of Industry (CNI) president Ricardo Alban.
Anwar said trade among BRICS members should be intensified to the same level as Asean's.
"Right now, we must increase intra-BRICS trade. We have a huge potential for progress, and only with that strength can we negotiate safely and fairly with other partners."
Malaysia's participation in the summit is due to its status as a BRICS partner country, and as the 2025 Asean chair.
Malaysia became a BRICS partner country on Jan 1 this year.
